StreetInsider.com Unusual 11 Mid-Day Movers 08/07/2007
Luminent Mortgage Capital, Inc. (NYSE: LUM) 83% LOWER; Experiencing Increase in Margin Calls, Suspends Dividend
Pope & Talbot, Inc. (NYSE: POP) 40% LOWER; Has entered into a forbearance agreement with its senior secured lenders to extend access to liquidity provided by the revolving credit facility under its senior secured credit agreement for six weeks while it continues to explore options to improve its balance sheet. The forbearance agreement requires the Company to expand those efforts during the six-week forbearance period to include soliciting offers to purchase all or substantially all of the Company\'s assets or equity interests. As Pope & Talbot previously disclosed would be likely, it is out of compliance with a financial covenant in its senior secured credit agreement calculated as of June 30, 2007.
Franklin Credit Management Corp. (Nasdaq: FCMC) 35% HIGHER; Stock getting a boost as the Mortgage Investment Sector/Industry is rebounding. (NOTE - Shares have fallen 55% since July 3, 2007 and trades under $5 per share)
CompuDyne Corporation (NASDAQ: CDCY) 28% HIGHER; Signs definitive purchase agreement to be acquired by an investor group consisting of affiliates of The Gores Group, LLC and industry executive Stuart Mackiernan. Clearlake Capital Group, L.P. has committed to provide debt and equity financing to the investor group in the transaction. CompuDyne\'s Board of Directors has agreed to recommend the sale of the company via a cash tender offer at $7.00 per share followed by a merger at the same price. CDCY closed at $5.29 on Monday.
SRS Labs (NASDAQ: SRSL) 26.7% LOWER; Reported Q2 earnings of $0.08 per share, 1 cents worse than estimates. ($0.09) Revenues came in at $ 4.7 million versus the consensus of $4.9 million.
New York Mortgage Trust Inc. (NYSE: NTR) 26.7% HIGHER; Stock getting a boost as the Mortgage Investment Sector/Industry is rebounding. (NOTE - Shares have fallen 70% since May 3, 2007 and trades under $1 per share)
Rudolph Technologies, Inc. (NASDAQ: RTEC) 24% LOWER; Reports Q2 EPS of $0.19, 5 cents worse than estimates. Revenues were $47.7 million vs. $53.05 million consensus. Needham and Piper Jaffray downgrade the stock.
Spectrum Brands, Inc. (NYSE: SPC) 19.5% HIGHER; Reports a Q2 loss of $0.15 vs. loss of $0.12. Revenues were $442.0 million vs. $449.44 million consensus. On the conference call, the CEO says the company will sell an attractive strategic asset by end of 2007 and the company has enough liquidity to operate normally in the foreseeable future.
Valassis Communications Inc. (NYSE: VCI) 15% HIGHER; Chairman/CEO Alan F. Schultz bought 35,000 shares on 08/06 at $8.06, bringing his stake to 168,706 shares. NOTE: The stock is hovering around a 52-week low.
Mentor Corp (NYSE: MNT) 14.5% HIGHER; Reported Q1 earnings of $0.48 per share, 14 cents better than estimates. ($0.34) Revenues were $95.6 million versus the consensus of $88.4 million. Sees FY08 revenues between $370-385 million vs. consensus of $347.01 million. Sees FY EPS between $1.40-1.45 vs. consensus of $1.25.
Wynn Resorts (NASDAQ: WYNN) 12.5% HIGHER; Reported Q2 GAAP earnings of $0.82 per share (Adjusted EPS of $0.92) cents better than estimates. ($0.53) Revenues came in at $687.5 million versus the consensus of $603.7 million.
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